President Obama is expected to sign a bill passed by Congress today extending and expanding the first-time homebuyer tax credit to homes under contract before April 30th. The credit, equal to 10 percent of a home’s purchase price, remains capped at $8,000 for first-time homebuyers, but income limits have been raised.
This bill adds a new tax credit of up to $6500 ($3250 married filing separate) for “move up” buyers, who have lived in their homes as their primary residence for 5 out of the last 8 years. The same time limits apply. The new home must be under contract by April 30, 2010 and must close by July 1, 2010
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